What effect will Greece situation have on PMs if no agreement reached?

[bradley1719]

Bradley,

Can you explain why silver went to near $50 in 2011?

Jim

Fear.....

 

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[Mackaydon]

Jim,
A good analysis of why silver went to nearly $50 in 2011 is given here:
https://www.bullionvault.com/gold-news/silver-2011-042320145
Don.....

 

[coinbug]

But for now I have to admire the Greek leader(s) for at least keeping their campaign promises and seemingly doing what their majority want done, unlike our politicians here who seem to say whatever it takes to get elected, then do otherwise (talking both dems and repubs- both different sides of the same coin).

Jim

Did you read my post? How are the "Greek leaders" doing what the majority want done (not that they should)?

Keep stacking man, but stop trying to think.

 

[jim4silver]

Did you read my post? How are the "Greek leaders" doing what the majority want done (not that they should)?

Keep stacking man, but stop trying to think.

From the news reports I have read, the majority of Greeks don't want to accept (or now at this late date, didn't want to accept) what the EU wanted from them, such as paying their debts, collecting more taxes, agreeing to more austerity measures, etc. Thus, they elected the current leadership who would in theory not agree to the EU's demands. Isn't that what is happening now? I am not an expert on Greece, so perhaps I am not seeing it correctly.

I never said that their leaders are doing the "right" thing with respect to what is best for Greece, but that they seem to be doing what they were elected to do, and that is stand up to "the EU", so to speak. In the end, I still think they will "settle" with the EU and not leave right now. If they do "settle" with the EU, it might be seen as NOT doing what their people want, because they would have to agree to some concessions.

http://www.telegraph.co.uk/news/wor...-atmosphere-at-huge-anti-bailout-protest.html


Just my opinion.

Jim

 

[Olegrumpy]

Actually, some 65 to 70% of the greek people want to STAY in the Euro zone.

Despite the various annoucements, negociations are still running.

There is still 3 weeks time to reach an agreement. After that, Greece will really start to have problems. I mean Financial ones.

 

[bradley1719]

Jim,
A good analysis of why silver went to nearly $50 in 2011 is given here:
https://www.bullionvault.com/gold-news/silver-2011-042320145
Don.....

Thanks for posting that Don. An excellent article that mirrors my thoughts on the matter exactly. The difference is that in the article he uses actual facts to back up his claims where as my thoughts only use general "feelings". Still, it is good to get validation on your world views.

I have long suspected that the hole in demand left by the photographic industry has not even come close to being filled by current industries like solar panels. It's good to know that someone else thinks the same thing.

All silver bulls should read that article.

 

[bradley1719]

Actually, some 65 to 70% of the greek people want to STAY in the Euro zone.

Despite the various annoucements, negociations are still running.

There is still 3 weeks time to reach an agreement. After that, Greece will really start to have problems. I mean Financial ones.

I think there are two things going on here. 65 - 70% of the people may want to stay in the Euro zone. But as Jim has said, they don't want to accept more austerity. So they elected representatives to fight against austerity and that is exactly what those representatives are doing.

Most Greeks do not want to stay in the Euro zone AND take on more austerity. Instead, they want the best of both worlds. I'm just not sure the rest of the world is going to keep letting them get what they want. Reading today's articles it looks like they are back at the negotiating table. We'll see how long it lasts and if they get away with more bailouts without more austerity.

 

[Olegrumpy]

It's true that the people do not want austerity, and that Tsipras does exactly what he has been elected for.

But how do you want to win the chess game if your side starts with only a king?

It is almost sure that, even if Greece goes back to it's own money, they will stay in the European Community, but there is no way to avoid austerity.

Everybody, at the negociation table(s), should honestly think about the reasons that lead Greece into this situation.

And try to find an agreement with that in mind, not only the crude Financial terms.

 

[jim4silver]

Recent article that headlined on Drudge says banks in Greece will be doing a bail in of 30% on all accounts over $8,000. I believe the Greek gov is denying it will happen.

Should be interesting to see how it all unfolds after Monday. If such a bail in happens, it would be worse than Cyprus, because at least there they observed a Euro 100,000 level that protected insured deposits. This article says Greece has a Euro 100,000 insurance level too.

http://www.forbes.com/sites/timwors...a-bank-depositor-bail-in-would-solve-nothing/

Jim

 

[billjustbill]

Well.... if you are like me and believe that the current price of silver should be less than $15, then this is not so surprising. If the price is higher than it "should be" anyway then standard things like the dollar going down would not cause the price of silver to automatically go up. Now if you get to a point where the level of fear takes a pretty good bump, then this would likely (temporarily) override the natural market forces that are trying to push the price silver back down to where it "should be".

If you think silver should be $20+ then I can see why you would be confused about the current price action because it doesn't support your world view. But for the last 3 years I've been of the opinion that fear has been the main driver of the silver price. And I've believed that we were way above where silver should have been during this time. So the recent price action of silver seems completely logical to me.

If silver isn't doing what you expect it to then you have to come up with some reason why that is happening. Most PM bulls like to keep their world view in tact and thus tend to blame outside forces like "manipulation". But some PM bulls (like myself) have looked at our world view and decided that it was potentially flawed. That doesn't mean I'm right. I could be completely wrong. But keep in mind, we both can't be right. And odds are.... neither of us are right!

Between you and Jim4silver, while each of you have a point of view, I think both you guys are each looking in the wrong direction. One needs to look at is how silver and gold will be valued and who is doing the evaluations. Both China and Russia have reserves, more than either will admit to. So, when the U.S. paper dollar goes down, silver and gold will be set at a value based on those two countries' currency.... Both silver and gold will offer the world a common economic stability.... Only those holding land, property, and PM's stability will have a place to begin again....their values are going to be based on foreign PM values and evaluations.....

Bill

 

[bradley1719]

...when the U.S. paper dollar goes down...

Don't you mean if? I can agree that if the U.S. paper dollar goes down (as in "collapse") then silver and gold will end up being valued in some other currency. But I do not believe the dollar will collapse in our lifetime. So with that said, this price action seems reasonable to me.

And whether or not the dollar will collapse is a topic for another discussion....

 

[billjustbill]

.......And whether or not the dollar will collapse is a topic for another discussion....

Only a select few knows what plan for the U.S. Dollar is. But, with Morgan/Chase owning millions of ounces of silver, both the University of Texas and the Texas Teacher Retirement Fund owning a billion in physical gold, and the Texas Legislature passing a bill to not only allowing for silver and gold as money, but also funding/building Texas' own vault for PM physical storage, there sure a lot of people concerned....

 

[bradley1719]

Only a select few knows what plan for the U.S. Dollar is. But, with Morgan/Chase owning millions of ounces of silver, both the University of Texas and the Texas Teacher Retirement Fund owning a billion in physical gold, and the Texas Legislature passing a bill to not only allowing for silver and gold as money, but also funding/building Texas' own vault for PM physical storage, there sure a lot of people concerned....

If you follow my posts you'll see that I am NOT a conspiracy theorist. I don't believe in the "select few". So you are free to believe what you want. But as I've said before in other threads, if your world view relies upon some sort of conspiracy theory to make sense, then you might want to rethink your world view. Then again, maybe not. Who really knows?

Just remember though.... for every data point you find where an organization or country seems to be "hoarding gold", there are literally thousands of contradicting data points of organizations or countries who have dumped gold. PM bulls seem to ignore those data points in favor of the opposite kind which validates their world view. And let's not forget that many of those organizations and countries who seem to be hoarding gold have lost a LOT of money in the past three years.... So did they really know what they were doing? Should we really be looking to them for investment advice? Hmmm......